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and the conservative media only reaches a tiny chunk of it. former and current jpmorgan chase -- that led to the $6 billion in trading losses. this is a two hour and 20 minute portion of the hearing by the senate permanent subcommittee on its investigation. [inaudible conversations] >> let me first begin by extending a special welcome to the new ranking member of the subcommittee, longtime friend senator mccain. it's not the first time we have worked side-by-side and been a longtime member and formerly ranking member and was the ranking member on the senate armed services committee and has brought a great energy and a bipartisan spirit to our work together and we want to just welcome him as her new ranking member here. we welcome senator johnson i think is a new member here also of her subcommittee like senator mccain has been a member of the subcommittee. senator johnson has joined us and we welcome him. in april 2012 americans were confronted with the story of wall street excess in the derivative disaster now known as jpmorgan chase wailed trades. the largest u.s. banks are derivatives which are
is online at wsj.com. >> a senate hearing on whether $6 billion in trading losses by jpmorgan chase. >> former current jpmorgan chase executives testify today and failed 19 practices that led to the firm's $6 billion in trading losses. this is a two hour and 20 minute portion of the hearing by the senate said committee on investigations. >> when they first began by extending the special will come to the new ranking member of the subcommittee, your longtime friend senator mccain, not the first time we worked side by side. i longtime member and former ranking member -- was ranking member of the senate armed services committee and has brought a great energy and bipartisan spirit to her work together and we just want to welcome him as their new ranking member here. senator johnson is a new are here, unlike senator mccain has been a member. what about him him in april 2012, americans were confronted with a story of wall street excess in the derivative disaster now know as jpmorgan chase will trade. the largest u.s. banks are deep and derivatives, which are complex instrument, which deriv
limits at jpmorgan. is that true? >> yes. >> were those breachy ignored? >> they were not added goerge. specifically the one i expect your referring to in january, it was not ignored. it caused action and escalation. it was a situation where we relied upon the explanation that turned out to be wrong about the new model, implementations that was agreed by the risk-management in place of the time by multiple review or trailed or reliance was erroneously placed on that. >> let me tell you what is hard to explain to my constituents when their tax dollars are insuring their deposits. they are going to ask how could we possibly balloon up to $6 billion loss and basically not only ignoring the facts but sort of endorsing the behavior for and it seemed that the traders seemed to have more responsibility and authority than the higher a executives. i have to go to a town hall meeting in arizona. you tell me what i am supposed to tell my constituents and with their tax dollars some of these deposits were insured, this kind of gambling went on when there are extreme difficulties in getting their h
. >> also unfolding in washington, a bad 24 hours for jpmorgan chase. first the fed puts conditions on its capital plans, reported that last night. then the senate rails on the firm on how it handled the huge london whale trading losses. that stock has been under pressure as a result today. we'll have a live report from washington on what's next for the bank and its ceo, jamie dimon. but, of course, all eyes right now ton the market, to tell you where we stand as we approach the final stretch for the week. the dow jones industrial average right now down about 45 points, pulling away from the all-time high reached last night. the nasdaq is down about 13 points, about a half a percent, as bill mentioned. volume is going to ramp up in this hour. s&p 500 under pressure as well with decline in the session, just a fraction, down about four points, as you can see there. >> let's kick it around. in today's "closing bell" exchange, stephanie link from the street. chad joining us here at the new york stock exchange. jeff from raymond james. so far, the fed liquidity has been a great generator. >> th
to be releasing findings of jpmorgan's handling of the london. so you've got to be somewhat willing to be nimble on this one. >> so tomorrow we could see a sell-off. >> we could see a sell-off tomorrow, based on the financials. a little bit overdone here. but look, still in the macro scheme of things, the fact of the matter, this thing is being driven by housing, interest in housing, pent-up demand for housing, which is being spurred by low interest rates. and until the fed has decided this thing has been heated up too much, that's the way it's going to be. so if it pulls back a little bit tomorrow, it's not a reversal, that's not going to come for a little bit. >> any sell-off is being met by buy on the dip mentality. and that's probably going to happen again. you wonder if you'll be able to get into this market at better levels. tim, let me ask you this. because we have been trying to figure out, scratching our heads, is this institutional buying? is this the retail investor buying? who is participating in this move here? >> it started with institution buying. this was engineered by the fed. c
the events recover to become a hearing looking at derivatives losses by jpmorgan chase. we will have the first panel from that hearing coming up next. first, a portion of the opening ofatement from the co-ceo jpmorgan corporate and investment bank. >> members of the subcommittee, high and co-ceo of the corporate and investment banking at jpmorgan. i lead a task force that conducted a review of the circumstances surrounding the 2012 losses in jpmorgan's investment office. i appreciate the opportunity to discuss their work, to describe what we found as well as the steps jpmorgan has taken in response. some of what we found was frankly very disappointing and does not reflect our institution at its best. that said, we have addressed the issues head on and are determined to become a better company because of this experience. we have fully cooperated with the subcommittee during the course of its inquiry. it is noted in my written statement we respect the key role the subcommittee has played in highlighting the importance of effective risk management and oversight of our nation's financial
will grow current and former jpmorgan executives today. at issue is the bank's handling of the london wale trading losses. ahead of that hearing, a scathing report was released last night suggesting that jpmorgan officials ignored growing risk and hid losses from regulators. it accuses the bank of changing risk model toes work around capital rules. ceo jamie dimon comes under heavy criticism from the senate panel. he is not scheduled to be among the bank officials testifying out there today. although some are wondering if he will show up and defend himself. it was a rough night for jpmorgan. in a separate story, the fed is telling the bank and rival goldman sachs that their plans for maintaining proper capital levels are weak. regulators are ordering both firms to revise their capital plans by tend of september. the fed turned down similar requests from allied financial and kayla tousche is here with more on this story in just a few minutes. but first, brian has a look at the markets this morning. brian, welcome. it's great to see you. >> i wish i could say the same thing, becky, but it's
under pressure because jpmorgan put under neutral rating from out form -- outperform. compare sorps -- comparisons year-over-year and competition and margins going forward. >> on the flipside apple got an upgrade today. a nice big upgrade, right? >> right. it had up arrows about 1%. btig calls it a buy. closing bell rings] apple coming out with revolutionary products down the pipe. david: market as a whole was definitely a winner again. another record-breaking day. the bells are ringing on wall street. they have been subdued. they're kind of used to this. they're accustomed to it. that carries its own danger when you see records like this being broken day after day, people get sort of acclimated to the record breaking, maybe make mistakes. we'll talk about that later. let's focus on the good news. all the indices were up half a percent. russell 2000, almost a full percentage point gain. small and mid-sized caps doing particularly well. we'll talk about where they did well. one of the areas was rising natural gas prices, lower inventory. that boosted shares of gas focused firms, wpx
and libraertarian. we learn about jpmorgan's massive and misguided london wale trade. you know it's okay to make a mistake. it's not okay to cover it up. remember, they were betting with taxpayer backed money because jpmorgan is still too big to fail. "the kudlow report" begins right now. >>> first up, amidst all the negativity out there i believe optimism is in the air. the stock market record highs, the economy is picking up, president obama in a charm offensive because his polls are way down. in fact he's now talking corporate tax reform. even pushing democrats on entitlement reform or so he says. now i know, i know, my favorite president reagan trust by verify, but i think there's some optimism out there and i'm going to do my best now to persuade my pal, conservative superstar ann coulter. she's the author on set for the full hour. jimmy williams. and michelle caruso-cabrera. ann coulter, i know you think i'm nuts but i'm telling you the stock market is a great signal. the republicans won on the sequester. obama's poll are down so now he's having to come to the negotiation table. i like thi
. high dam, a chain congressional hearing focused on a senate report following jpmorgan huge trading loss. another carnival ship having power problems returning to port in the cyber threat calling for constructive talks with united states and investing advice continues with the legalization of marijuana. how much is the war are in this costing our government? >> i know jeff flock is with jim beam like the world just worked -- will go to durbin but that is why they reduce alcohol content because they had trouble to meet demand because that was idiotic. marijuana is a story in also stocks and every 15 minutes with nicole petallides at new york stock exchange. >> we are not used to seeing red with eight record consecutive closes the is to be 500 shy of the all-time high. pulling back a little today, a jpmorgan under scrutiny now down to% until, of rice said, at&t, general electric, oil and gold are gaining. bank of america doing the pullback also bowing is up pulling out the reminder. connell: our business coverage will continue today we will focus on questions of legalization of marijuana l
that washington and the whale, the senators take on many of the people involved with jpmorgan's record-trading loss, and this is the face of exuberance right here. irrational exuberance. remember, he coined that phrase in 1996, just the last ten-day win streak for equities and the former fed chief alan greenspan says, no way, jose, not this time, and we will hear from the man himself on the monetary policy and the splitting up of the banks, and are they still too big to fail? do you want to go on a cruise? maybe not. what is going on with carnival cruise? after last month's debacle, another cruise ship having trouble. and now over to sue. >> hai, ty. >> so wayne grets ski had a 51 game point streak, and joe dimaggio with 56 game hitting streak, and cal rip penn with 2,632 consecutive games, but the dow won't have that after 17 straight up days, and after eight record day closings, we are down by 37 points, but the dow is still up 10% year to date and as we approach the end of q1, the statisticians tell us that we have never had a down year when the dow jones industrial average was up 8
. >>> today executives from jpmorgan were on capitol hill reacting to a new scathing report. and the outcome could influence how they deal with huge banks. they are accused of misleading investors about a $6.2 trading loss. the bank's former chief investment officer made her first public appearance today since resigning. ina drew claims she had no idea what was happening at the time. >> clearly mistakes were made. the fact that these mistakes happened on my watch has been the most disappointing and painful of my professional career. >>> meanwhile the dow had a record ten fresh straight days of gains. there are questions about whether washington needs to shrink down the largest banks. the columnist for the atlantic cnbc, zachary is here with us. good to see you. what exactly is jpmorgan accused of doing and why should someone watching at home even care about it in. >> accused of is the operative word. no one is saying they broke any law. and unequivocally last year, a set of trades that were done by a group of jpmorgan traders in london that used derivatives and mortgage instruments, the same
are the details we're learning right now? >> this london whale not dead yet. the debach kel continues and jpmorgan has been taken to task in the latest senate report. headlines coming out of that report including jpmorgan misled regulators and investors about these whale trading losses, that came in at over $6 billion according to the report. a couple of senators chiming in in this report. carl levin saying jpmorgan, quote, hid losses and dodged oversight. senator john mccain also included in the report calling jpmorgan losses a massive failure by bank government. a regulatory official is in the report calling jpmorgan trade make-believe voodoo magic. jpmorgan's own words in the report saying that management quote, acted in good faith and did not intend to mislead. and again those loss, melissa, exceeded $6 billion. so some very intense language being used in this latest senate report on the london whale. melissa: all ahead of hearings tomorrow. sandra smith. thank you so much. >> thank you. melissa: coming up on "money", how about free groceries with that checkup? the government does a 180 on kic
. >>> and a terrible day for jpmorgan, as a senate report accuses ceo jamie dimon of hiding the bank's loss. >>> according to the national journal, the 2016 republican presidential primaries are officially -- unofficially, under way. rising gop stars marco rubio and rand paul kicked things off at the first day of cpac, each providing a vision of the future for their party. the junior senator from florida was the first to address the crowd, speaking about fiscal responsibility, and the need to defend social values. >> we believe in solving our debt problem. because it's hurting job creation. the only real approach that solves it is the combination of fiscal discipline and rapid economic growth. there's no tax increase in the world that will solve our long-term debt problem. just because i believe that states should have the right to define marriage in a traditional way does not make me a bigot. the people who are close-minded in american politics are the people that love to preach about the certainty of science with regards to our climate. but ignore the absolute fact that science has proven
'll increase their buybacks in share dividends. the fed approved goldman and jpmorgan's plans, but said they must fix law necessary how they determine shareholder payout, recommending them based on qualitative concerns not on their capital ratios. both must resubmit their plans by the third quarter. the report says that jpmorgan misled investors about the nature and size of those losses and say derivatives are still a big threat to the financial system. the report singles out ina drew and former cfo doug braunstein in particular for criticism. they'll both appear at today's hearing and they'll raise questions about the behavior of several other employees, including ceo jamie dimon. for more on what this means, brandon hawkins joins us now. brennen, great to see you. look, jpm shares are under water this morning. is this more about what the fed said yesterday or more about this today's hearing? >> no, without a doubt, it's about the fed and they they came out. really, the senate report is old news at this point. it happened almost a year ago, the oil trade, and it's been contained, put a
reacted dramatically depending on their rating. bank of good, jpmorgan, not so much so, right? >> right. capital requirements and the like. bank of america was the good news. that really held strong all day long on the dow jones industrials. jpmorgan on the other hand not so much obviously with those fed findings coupled with the fact they're in washington facing all the questions about the london whale. a tough day for jpmorgan. sandra: happy friday, to you, nicole. we're seeing groupon seeing a huge rally. up 7%. investor bill miller say he is very bullish on the name right now. >> right. we saw that early morning before the opening bell. that has been the trend all day. all you need one big guy on the street with positive comments and a big move. much like the analyst call. david: then we have apple which is popping despite this new samsung phone which i think has been overhyped, this i-thing. not quite what it was pumped up to. >> i know what you mean. eye scrolling technology. david: not really eye scrolling. head moving. not eye scrolling. >> whatever it is. you know what? apple i
with terrible credit analysis. okay? who is it? bank of america, merrill, under one roof. jpmorgan, selling with -- if i get this right, $4 billion worth of bonds, collecting $474 million worth of fees, what the hell did the bankers tell the investors? how do you sell a city going downhill for 50 years as governor snyder just said? >> well, you know, larry, the good thing about this question was i wasn't here. i was safely ensconced in my practice, and quite frankly, i'm not interested what happened behind me. i'm looking forward, the reality is, bankers are remarkably sophisticated folks, they know the numbers, see the cash flow. other numbers at place, regarding efficiencies, realization, profitability, and other city services and as long as there is a net benefit to the city that might be able to get rationalized, cashiering, collecting more efficiently. a lot of opportunities short of breaking contracts and blaming the bankers. they to be perfectly honest about it, everything on the table, including debt service. >> you got it, sir. they hustled everybody with lousy credit, and people
>> happy friday. i am melissa frances. a lot of headlines to go up to speed. do jpmorgan ignore the warnings? after new senate report after the huge trading loss. melissa: and other mechanical problem with carnival cruise lines the third in a month. lori: what is your vice? all day we look at "the business of vice". melissa: we have the brains behind the medical marijuana vending machines is is the future prescription drugs as well? lori: en you may like the wings but we know what you like hooters. [laughter] with the famous american brand going overseas. melissa: let's head to nicole petallides at new york stock exchange it is down 37 points on the session. >> still a winning week with eight consecutive sessions we're up 10 straight days and today is one where it takes a little breather now where it goes over the line 50 times but has been under pressure for some time. the s&p 500 is slightly lower but we have consumer sentiment in they are feeling bleak and as we're getting get it is quadruple witching friday with options expiration. comparing dow jones industrial average also
? down 3%. the worst trading day in more than a month thanks to a jpmorgan downgrade. you were warned about this stock on the program last month. we'll update you on that and find out who thinks today's decline actually is a buying opportunity. >>> then, our steve liesman interviews the new treasury secretary, jack lew, is practicing his signature right now for the dollar bill. it's the only interview with mr. lew that you will need to hear. steve covers it. that's coming up right here on "closing bell" at 4:15 eastern time. stay tuned. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in s
. goldman sachs and jpmorgan got only conditional approvals and were told to revise their plans by the third quarter. the fed approved the plans from the nation's other 14 banks for dividends and their share repurchases, but american express will have to submit an adjusted capital plan after the feds said its proposal would have eroded its capital position too much. now, the central bank said the so-called stress tests show that overall american banks have sufficient reserves to withstand another sere econom downturn. tyler? >>> analysts sent two major to come stecks in opposite direction today. that tops our market focus. amazon dropping as jpmorgan lowers it because of gross margin profit returns. and amazon closed off more than 3% at 265 and change. >>> meanwhile, apple was up on the day. its competitor, samsung, reveals a new smartphone. btig analyst says there are significant revenue opportunities still for apple. and that brought apple up almost 1% to 432.50. we'll have more on that new samsung phone a bit later tonight. >>> legendary investor kirk kerkorian says he wants to raise his
at the firm. >>> on capitol hill today, jpmorgan came under fire at a senate hearing. bank executives were grilled about more than $6 billion in trading losses due to a series of botched trades orchestrated by a trader now infamously known as the london whale. vice-chairman douglas bronstein admitted to the lawmakers that he withheld reports on the losses from regulators for two weeks because he was concerned about bank confidentiality. >> we misunderstood the risks. we misunderstood the complication in it. we ultimately misunderstood what the estimated performance of it would be. so in hindsight, we got that wrong. >> the senators expressed concern that taxpayers shouldn't be on the hook for reckless trading of complex securities, and that tougher oversight is needed for similar high-risk transactions, especially in a bank that some consider too big to fail. >>> former federal reserve chairman alan greenspan told cnbc today he thinks the problem of getting too big to fail is getting worse, not better. one reason as he explained to me in an interview for "nbr" this morning is the structura
of that company to be shown the door. that is not the case with jpmorgan and it ceo jamie die monday. in fact, he did not even testify in two days of hearings this past week in front of a senate investigation subcommittee. that committee led by senator john mccain and senator carl levin spent nine months investigating what has come to be known as the london whale trade that led to those $6 billion worth of lozs for the bank. the london whale refers to trader in the investment office in london who made a series of risky trades. carl levin said the bank ignored the risk. >> it exposes a derivatives trading culture at jpmorgan, the piled on risk, the hidden losses, the disregarded risk limits, the manipulated risk models, the dodged oversight and that misinformed the public. >> to be fair, dimond took a 50% pay cut last year and accepted some responsibility for the losses. but the lack of oversight inside big banks more than four years after the financial crisis has to make you wonder if anything has changed. banks are now required to hold more capital in their books to brace themselves from financi
after getting a thumbs up, but jpmorgan and goldman sachs fell on what the fed deemed weaknesses in planning. >>> facebook is said to be planning to roll out hash tags in the near future. the blatant piggyback on twitter's trending method would allow facebook to dip into valuable ad territory. >>> as promised, samsung unveiled its new s4 smartphone what do you think there? they did that in new york thursday night. it boasts a larger screen and sharper images. >>> boeing says commercial flights of its grounded 787 jets should resume, quote, within weeks. >>> a surprising new space industry study reveals that the unmanned aircraft business will create 70,000 jobs once it's fully integrated into the u.s. national airspace system in 2015. >>> the irs says it has $917 million in unclaimed tax refunds from 2009 that are about to expire. the money is owed to about 1 million people who have until april 15th to file a return penalty free. go get that money. >>> and chelsea clinton and her husband are about to move into a new home sweet home. the posh manhattan pad in nomad, and that is ne
litter with natural cedar, pine, and corn. >>> jpmorgan chase lost $6 billion dos of shoddy trades by its chief investment office. it's part of a damming new report from known as the london whale. the senate released the report after the nine-month investigation. here's what they found. jpmorgan ignored that. they are blaming the regulators are missing warning signs. they said the senior management acted in good faith and never had any intent to mislead anyone. and like ceo jamie dimon. he's had close ties to the white house and wall street likes him, too. >>> an 11-year-old girl wins her fight to get back on the football field. "the bleacher report" has the story. what's next? he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty
this morning, as far as the futures go. >>> also jpmorgan chase revised forecast for the u.s. economic growth, expecting analyzed first quarter growth of 2.3%, that's up from the earlier forecast of 1.5%. jp morgan analysts say stronger than expected retail sales in february are partially responsible for that boost. >>> pam, 5:20. a ban on pg&e smart meters, defending a moratorium while installing the smart meters. >>> a purple heart found in elle da makes -- found in california makes its way back to a texas family. q
about it is great, how jpmorgan was doing a stock buyback or another firm, that buffett made the comment on cnbc. gary said that was somewhat hypocritical, buffett never, nevers buys back stocks. baloney, i bought back stocks once 20 years ago. you get the point. lori: absolutely. >> cnbc came in and issued an apology and i think there were obviously hard feelings there. i don't think that's the reason why he took this job. this is a damn good job if it works out for him. lori: i'd say. thanks for details on it. charlie gasparino. melissa: as we do ever 15 minutes, and check the markets. nicole at the new york stock exchange. you're watching major movers. >> yes indeed i am. blackberry. don't call it research in motion. that is old news. it continues to gain throughout the day. tomorrow is the finally the day you can order the new z10, the blackberry z ten everybody was eagerly awaiting the products. you can go in the store on march 22nd and make the purchase. what is announced on january 30th is finally coming to fruition and get in there to buy this thing. everybody waited a year and a
losses this afternoon. the panel will hold a meeting on friday morning. several jpmorgan top executives will testify, including vice chairman braunstein who was cfo at the time and the bank's former head, ina drew. jpmorgan shares like goldman's are trading lower in frankfurt. today, down about 0.5%. >>> president obama makes his third trip to capitol hill this week having lunch today with senate republicans to discuss budget and economic issues. he'll meet separately with house democrats. he spoke with house republicans on wednesday, but apparently made little progress in convincing them to accept his demands for tax increases as part of a deficit deal. the senate budget committee began debating its counterproposal to paul ryan's budget. the sausage making process continues in the u.s. and in europe where the european parliament, get this, has stripped down a budget deal reached by eu leaders last month that called for significant changes. mvps did not change the 960 billion euro spending limit, but pressed for the distribution of funds and a mid year review. the european parliament ch
happened to be great winners. i've also been watching jpmorgan and goldman saks, both of which came under scrutiny from the fed in resubmitting their capital plans, as i just noted. so you can see jpmorgan down 2.1%, goldman sachs maintaining an up arrow. cheryl: nicole, thank you. certainly that's going to be a big story next week too. all day we have been doing the business of vice investing, and there are few iconic visionaries in the adult entertainment industry, but liz claman sat down with the most controversial and successful name in that business. liz? liz: cheryl, we're on a working set here in the valley in california for penthouse, but it is another name, hustler, that evokes sort of a harder-core pornography thought when it comes to what goes on in the entertainment world. larry flynt started his fist business, he bought a bar in kentucky. he grew up in the most poor county in the entire united states. he said the only export his tiny town had was jury duty. that's how small it was. they didn't make anything, they were very poor, they had food stamps, and it was a situation wh
. a scathing senate report blaming jpmorgan chase for ignoring signs that led to a nearly $6 billion trading loss. the senate conducted a nine-month investigation of the so-called london whale. bad trade that led to huge losses for jpmorgan. report said jpmorgan ignored limits on risk taking, dodged oversight and misinformed the public. they also blame regulators for missing warning signs. jpmorgan says its senior management acted in good faith and it never had any intent to mislead anyone. one thing so interesting about this whole story is after what happened during the financial crisis many people were saying how could you have a $6 billion loss at a bank? smaller bank or a different kind of loss, maybe that could have really been a problem for a big bank. it wasn't for jpmorgan, they absorbed the loss. but it could happen again is what made so many people very, very unhappy. jpmorgan ceo jamie dimon is by many is considered the smartest banker in america. >> they will get an earful from politicians. 28 minutes after the hour. ahead on "starting point," 18 days on the stand. jodi arias fin
because of the stock market rally. >>> a scathing senate report blames jpmorgan chase for ignoring signs that led to a nearly $6 billion trading loss. the senate conducted a nine-month investigation. remember this? the so-called london whale, a bad trade that led to huge losses for j.p. marken. report said jpmorgan ignored limits on risk taking, dodged oversight and misinformed the public. they also blame regulators for missing warning signs. the company says it has acknowledged significant mastics and senior management acted in good faith and never had any intent to mislead anyone. clearly jamie diamond who runs jpmorgan has long been a critic of more restrictions on the bank. so clearly many senators said look, you can't be publicly saying don't regulate us more and then you have a huge, huge trading loss right under your nose. doesn't look good. >> coming up, sparks fly as the tea party ruffles the veteran senator. take a look. >> i'm not a sixth grader. senator, i've been on this committee for 20 years. >> dianne feinstein. we will have more from that exchange coming up. ♪ looking
of the hour. >>> also, jpmorgan chase gets a lashing on capitol hill. after some very risky trading that produced billions of droid-smart ? with google now, it automatically knows when you need to leave for the airport, how much traffic there is, and has your boarding pass ready. the droid razr maxx hd by motorola. droid-smart. droid-powerful. earning loads of points. we'll leave that there. you got a weather balloon, with points? yes i did. [ man ] points i could use for just about anything. go. ♪ keep on going in this direction. take this bridge over here. there it is! [ man ] so i used mine to get a whole new perspective. [ laughter ] [ male announcer ] earn points with the citi thankyou card and redeem them for just about anything. visit citi.com/thankyoucards to apply. humans. we are beautifully imperfect creatures living in an imperfect world. that's why liberty mutual insurance has your back, offering exclusive products like optional better car replacement, where if your car is totaled, we give you the money to buy one a model year newer. call... and ask an insurance expert
it reveals the new galaxy in new york city tonight. >>> jpmorgan cuts amazon to neutral. is it time to re-evaluate? >>> cramer added to his gatsby index. we'll run down who's been added. >>> the dow posted an all-time closing high for a seventh consecutive session riding a nine-day winning streak. the longest since '96. the s&p, 11 points away from its own record high with futures moving higher. the watch is on to see if more market history will be made. two points, jim, on the dow. i guess you count it but they're certainly cutting it close. >> they always say the most exciting, maria -- it's the most exciting three minutes. have you seen that discussion we have to wait to see it settle? i will say that it is once again transport driven and that makes a lot of people who are old -- what a tie. i'm sorry. he's a great dresser. i'm trying but i'm not in your league. i didn't mean to be -- >> that's okay. >> it's men's warehouse that made me think of it. transports always make an old fuddy-duddy like me feel better. they've been the leader. that makes a good impression on the rest of us. >>
from jpmorgan. the online retailer has a rating hit from overweight to neutral and lowered the price target $33 to 300. amazon suggest material deceleration in gross profit in 2013. walt disney delaying the launch of the infiniti gaming initiative two months in effort to capitalize on a more favorable resale season. described as disney's answer to that question sky lender, one of the top-selling games. the new launch date will be august 18. that is the latest from the fox business network giving you the power to prosper. we know all your investments may not with fidelity, but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. dagen: the competition getting even hotter for apple with two new phon
here. it is pulling back. it has a downgrade. sitting at 267.82. jpmorgan is considered about amazon's profit. you are seeing them coming to the downside. back to you. dennis: thank you, nicole. melissa: the market for hot wings and hotpants is going well and global. we will follow the business all day tomorrow on fox business showing you how you can make money on other people's sense. i went to hooters once in coaster rica. dennis: were you wearing hotpants? i haven't heard that in 20 years. melissa: i was wearing regular pants. i was just dressed for a cheeseburger. anyway. the iphone maker playing defense ahead of samsung's revealing of their new phone. dennis: facebook and twitter feeds. my beef with it all. that is next. ♪ it's a new day. if your a man with low testosterone, you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and childr
wall street journal" a new senate report accuses jpmorgan ceo hiding information from the regulators from the loss known as the london whale scandal. the committee found jpmorgan ignored internal warnings. jpmorgan said its management team does not intentionally cover up the trades. >>> rick snyder has announced kevin orr the lawyer who worked on the chrysler bankruptcy as the emergency manager for the city of detroit. the city currently owes $14 billion in long-term liabilities and orr is calling the situation ", the olympics of restructuring." both snyder and orr will join us later. >> new smart phone "the new york times" is revealed. the galaxy s4? is being viewed as a major competitor to apple's iphone and featured smart scroll a new technology which follows the user's eyes and stops playing videos when the user looks away. the galaxy s4 is available next month. >> willie, would you like a smart phone to follow your eyes? >> no. that creeps me out. >> that kind of creeps me out. >> people like that samsung, though. >> no, i don't know why it scrolled to that part of the screen! w
responsibility was assumed by the top management of jpmorgan especially in light of e-mails that say that these decisions were at least according to miss ina drew fully discussed and the vetted by the top managements of jpmorgan. .. >> even greater. slow-growing developing countries have had for decades lower fertility rates. japan and europe particularly and russia. and now china's starting to feel the impact of its one-child policy. we're better off than the rest of the developed world, but our fertility rate has dropped to below break even, to 1.8, the lowest drop in the last three years in recorded history x. unlike most of the world, though, we have a tried and true way to deal with this demographic time bomb. demography does not have to be deathsny if you change course. and the path that we could take is to allow for a strategic reform of our immigration laws so that we can bring young, aspirational people that will rebuild the demographic pyramid to make our entitlement system secure and jump-start our economy in a way that will create an uplifting of our hopes and dreams, but
cities will be watching. on friday a senate investigative committee will hear from jpmorgan execs on what they knew and when about the risks in the london wale trade, that's all ahead next week on "nightly business report." >> daylight savings time on sunday and the official start of spring is 12 days away, that means baseball is right around the corner but major league games are expensive and in a tepid economy it's sometimes tough to fill seats. at spring training brian shactman fou out what some teams are doing to make baseball a little earlier. >> reporter: baseball season, it means springtime and it also means time for fans to save some money if they want to go to a game. >> yankee stadium i don't see much of a value. >> reporter: to treat four people to a yankee game last year costs an average of $324 according to team marketing report. the league average over 200. but not every ball park costs that much, especially in this post recession economy. cleveland's slashed concession prices and has the cheapest beer in baseball $4. >> there seems to be a renewed focus on the fan. you need
higher, jpmorgan chase down 12 cents. >>> nissan is recalling five 2013 models sold in the u.s. because the front passenger air bag may not deploy properly because of faulty sensors. the models are the top selling altima, sentra, pathfinder, the leaf and the jx-35. nissan did not provide the number of vehicles affected, but said there have been no reports of injuries or crashes. nissan shares, which do not trade heavily here in the u.s., were up 1.5% today. >>> well, the big news today, of course, is that the catholic church has elected a new pope. argentina's jorge bergoglio, the first pontiff from outside europe in more than a thousand years. he will be known as pope francis i. the crowd in st. peter's square rejoiced as he was introduced to the world for the first time. an electrifying moment. not only will he be the spiritual leader of the world's one billion or so roman catholic, he will also have to lead in a lot of other ways. mary thompson is here to explain. what will pope francis i have to bring to the table in terms of management skills, the skills of a ceo? >> that's right.
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